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Cargo Newswire

Korean Air’s tentative financial results for Q2 2022 (Non-consolidated)

August 29, 2022
in Business
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  • Korean Air achieved a revenue of KRW 3.3324 trillion (USD 2.5775 billion) and an operating profit of KRW 735.9 billion (USD 569.2 million) in the second fiscal quarter. Despite continued high oil prices and volatile exchange rates over the course of the second quarter, the airline’s gradual recovery in passenger demand and robust cargo demand led to improved results year-on-year.
  • Growing travel demand due to dropping COVID cases and borders reopening led the airline to post KRW 874.2 billion in passenger revenue in the second quarter, a 307% year-on-year increase.
  • Korean Air recorded a cargo revenue of KRW 2.1712 trillion, a 44% increase year-on-year. While the prolonged war in Ukraine and the lockdowns in China continued to disrupt the global logistics supply chain into Q2, the airline managed to maximize profit by actively transporting high-demand emergency relief supplies, automobile parts, semiconductors and electronics.
  • The airline expects passenger traffic to recover slower than originally forecasted in the second half of the year, as external factors such as the pandemic and oil prices linger. The airline seeks to gradually increase its passenger network capacity to 50% of pre-pandemic levels by September, and will continue to respond flexibly to demand.
  • With the resumption of passenger services following border reopenings, the airline expects to procure additional air cargo capacity through passenger fleet belly cargo space. The airline looks to maximize profit by utilizing scheduled passenger services; operating routes based on regional demand and capacity fluctuations; and through fleet optimization.
  • Despite intensified global inflation and economic contraction, Korean Air is committed to normalizing its passenger business and to maximizing its cargo business profit.
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Devender Grover

Devender Grover

Devender was born in the year when the Beatles Group was formed. He holds two master’s degrees in English Literature and Public Administration. He also has an Honors degree in English Literature and a post-graduate diploma in Corporate Communications and Public Relations. He was closely associated with the Indian State Transport Undertakings and Ministry of Transport in his role as Corporate Communications and PR specialist for over two decades handling domestic and international organizations. He ventured into business forming his own Media House, Profiles Media Network Private Limited which is now a twenty years old company. Excelling as an editor, Marketing, PR, Anchor, and Advertising specialist, he is now expertly navigating the world of social media. A widely traveled professional internationally, Devender has a deep understanding of the Air Cargo, Cargo Business, Cargo Airports, Freighters and Cargo Industry at large.

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